Future 'considering options' in the US

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Magazine publisher Future is expecting to report a 6 per cent drop in turnover during the 12 months to 30 September.

The company, which publishes titles including Metal Hammer and Classic Rock , has improved its UK performance (which makes up more than 70 per cent of total revenue), with turnover down an estimated 2 per cent compared with a figure of 3 per cent six months ago.

But according to a pre-close trading update its position in the US is ‘significantly more challenging’and the company said it was now considering its options in the country.

In July it announced earningswere down by around £2m as a result of poor retail returns and dwindling print ad revenues, and announced it was speeding up its transition into a ‘primarily digital business”.

In its trading statement the company said: ‘However, with trading conditions in the US reflecting ongoing weakness and decreasing visibility at newsstand, and an acceleration in the year-on-year growth rate in digital revenues, the bard is now considering a wider range of strategic options in respect of its US operations.”

In July the company also announced it was cutting 10 per cent of its workforce in a company-wide restructure.

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This is expected to cost around £3.5m. Its net debt has been been cut from £15.6m in June to £14.5m in September.